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All Businesses and companies who want to trade goods and services out of India must get Import export code numbers today. Apply Today for online Registration and get:
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Financial Statement Preparation
Preparation of Tax Returns
Financial budgeting
Cash flow statement
The IEC Registration is very necessary to carry out trade in India particularly import & export. The IEC is essentially an Import-export code that is allotted by the Directorate General of Foreign Trade & Ministry of Commerce & Industries. It’s all considered very essential for all the companies & businesses who are ready to grow and expand their business by import & export. Import Export Code is a 10-digit number that is assigned along with Import Export License Certificate to direct & control the foreign trade activities in India. Also, RBI has made it mandatory for all the traders to provide their IEC Codes during any time of transferring payments.
Importer exporter code once given can be practiced by the entity all by its existence and it doesn’t need any renewal. When the company has received IEC Code, at that point the company can enter import-export necessities with no issues.
IEC is not required under the following circumstances:
- Import/export of goods for private use, that is not related to trade, manufacture, or agriculture.
- Import/export by government ministries and departments, and some suggested charitable organizations.
Register for IEC code online begins with one-time registration and lifetime validity. The process for import export code registration has become easier with online IEC application supported by a few documents. once the needed documents are submitted, the code is provided within 2 to 3 working days. This code can be allotted in either your or company’s name.
The IEC code registration is suitable for all business registrations:
Sole Proprietorship
Private limited companies
NGOs/ Trusts (Charitable Organization)
Partnership
One-person Company
Limited Liability Company
If all of the above deals in export and import of goods must file for IEC Registration Today! However, the IEC Code is not applicable for import & export of goods for personnel use that is not linked to trade, manufacture, or agriculture.
The whole functioning of import and export in India is administered by the provisions of the Foreign Trade (Regulation) Rules, 1993. Hence, IEC is also governed by the same statute. In case the import and export are of services is wherein IEC is required in only confined circumstances, when import/export is in specified services. Even specified technologies i.e. services or technologies in that international trade is regulated by the Government of India as they concern to national security.
It is needed for different reasons like:
- Custom authorities require it to clear shipments during imports.
- The bank requires it to transfer the money when imports are made.
- Then during export, the shipments, the IEC is required.
- When exporter is deemed to get money in foreign currency, the IEC code is needed to shift the money to his account directly.
Categories of Importers and Exporters
S.No | Code Number | Categories of Importers or Exporters |
1 | 100000011 | Whole Ministries, Departments of Central Government and agencies completely or partly owned by them. |
2 | 100000029 | Whole Ministries, Departments of State Government and agencies completely or partly owned by them. |
3 | 100000037 | Diplomatic personnel, Counselor officers in India, and directors of UNO and its specific agencies. |
4 | 100000045 | Indians returning from or going abroad and claiming privilege under Baggage Rules. |
5 | 100000053 | Individuals, Institutions, Hospitals importing or exporting goods for personnel advantage, not connected with trade or manufacture or agriculture. |
6 | 100000061 | Individuals importing and exporting goods from or to Nepal. |
7 | 100000070 | Individuals importing or exporting goods from or to Myanmar by Indo-Myanmar border areas |
8 | 100000088 | Ford Foundation |
9 | 100000096 | Importers importing goods for display or use in fairs or exhibitions or same events under provisions of ATA carnet This IEC number can also be done by importers importing for exhibitions or fairs as per Para 2.29 of HBPv1. |
10 | 100000100 | Director, National Blood Group Reference Laboratory, Bombay, or their approved offices. |
11 | 100000126 | Individuals or Charitable Institutions or Registered NGOs importing goods, that have been exempted from Customs duty under Notification circulated by the Ministry of Finance for bona field use by victims affected by natural disaster. |
12 | 100000134 | Persons importing or exporting sanctioned goods as notified from time to time, from or to China by Gunji, Namgaya Shipkila, and Nathula ports, directed to use ceilings of single consignment as provided in Para 2.8(iv) above. |
13 | 100000169 | Non-commercial imports and exports by entities who have been approved by RBI. |
Advantages of IEC for Import Export Businesses
International Market Reach
Import Export Code helps you to take your business to the international market. Not only that, it will boost your revenue and increase.
Life Time Validity
IEC Registration is a continuing documentation that is valid for lifetime. You don’t have to go by any procedure of updating, filing and renewal of IEC as will be not required.
Decreases the Risk of Illegal Transportation
IEC assists you to get rid of any illegal transportation or false imports and exports. IEC registration is a centralized registration that helps the officials to control and handle the transaction in a better manner that is undertaken as a part of cross border business.
Annual Updation
Once you got your IE Code online, you need to just update the basic information with DGFT on annual basis to keep them update about any change in information. This requirement bringh by the DGFT due to their recent notification.
- IEC Registration Fees
- Filing at DGFT
- Professional Fees
- Import Export Code Certificate
Documents required for IEC code Registration
Different documents are required by different entities to get IEC code and these are given below.
Sole Proprietorship | Partnership Firm | LLP | Trust | Private Limited |
Digital photograph | Digital photograph of the managing partner | Digital photograph of the designated partner or director of the company signing the application | Digital photograph of the secretary or chief executive or signatory applicant | Digital photograph of the director |
Copy of pan card of the proprietor | Copy of partnership deed | Applicant’s copy of pan card | Registration certificate of society/copy of the trust deed | Copy of pan of all directors |
Copy of passport/voter id/driving license/UID | Copy of passport/voter id UID/driving license/PAN of the managing partner signing the application | Copy of passport/voter id UID/driving license/PAN of the managing partner/director signing the application | Copy of passport/voter id UID/driving license/PAN of the managing trustee/chief executive signing the application | Copy of passport/voter id UID/driving license/PAN of all directors |
If the business is self-owned, then sale-deed | Sale-deed, in the case of self-owned business | Sale-deed, in the case of self-owned business | Sale-deed, in the case of self-owned business | Sale-deed, in the case of self-owned business |
If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement |
Bank proof | Bank Certificate or cancelled cheque | Bank Certificate or cancelled cheque | Bank Certificate or cancelled cheque | Bank Certificate or cancelled cheque |
Import Export Code Registration procedure
Step 1: Fill Application Form
To get code an application needs to be done with online application at DGFT portal. In application it will ask few information related to your business and its authorized representative or applicant.
Step 2: Preparation of required documents
Details of the business and its owners, directors or partners, bank account details. Along with basic information of director or applicants and business, we require adhaar OTP or DSC of applicant.
Step 3: IEC fee payment
Once the form is finished, it needs to be filed with DGFT and an application fee needs to be paid to the government. IEC department may provide back your application for improvement/change. You need to reply to the DGFT at earliest.
Step 4: IE Code Issuance
Once the application is completely verified by the department, the Directorate General of Foreign Trade will provide an IE Code for your organization. This IE code issues in soft copy. You get the softcopy by email and can start the import-export transaction with this.
The validity of IE Code
IE Code registration is an ongoing registration that is valid for a lifetime. So, there will be no problems with updating, filing, and renewal of IE Code registration. It is valid until the business continues or the registration is canceled or resigned. Furthermore, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to register any filings or follow any other compliance must like annual filing. However according to recent notification issued by DGFT, every IE holder must update the details related to IE code on annual basis to protect the cancellation of it.
How ApkaaCA will help you?
We are offering all CA services online as possible just to simplify the work of all the candidates and solve the query of people. We understand that much complex to get the procedures & documentation of the IEC Code that is Import Export code Registration. So, here we are to provide hassle-free serves, wherein you can sit back and relax. Everything from beginning to end will be handled by our experts & professionals.
- IEC Registration section Consultation
- Document Preparation for Import Export Code Registration
- Application Drafting for Import Export Code
- Application Filing for IEC Registration
- Total online process
FAQs
What exactly is a GSTIN?
The GSTIN (Goods and Service Tax Identification Number) is a 15-digit number. When a person or a company successfully applies for GST Registration, the government generates this number.
How to get GST Registration online?
You should consult AapkaCA experts and follow the steps outlined below to register for GST online:
- Go to the AapkaCA website and log in.
- Create the required documentation.
- Make a payment through the internet.
- Add the necessary documentation to your account.
- Build an ARN.
- The GST number will be sent to your email address.
When is it necessary for a company to have several GST registrations?
If a company has more than one GST registration number, it must:
When a business entity supplies products and services in several states, it is compulsory by law for the business to register for GST in each state.
Furthermore, any business organization can obtain multiple GST Registration numbers, even though they operate in a single state and through multiple verticals, to avoid accounting issues.
Is it necessary to have a digital signature in India to register for GST?
If you’re a Public Company, a Private Company, a Limited Liability Partnership (LLP), or an OPC Company, you’ll need a Digital Signature Certificate (DSC).
What exactly is an input tax credit?
The input tax credit allows you to deduct the tax you’ve already charged on inputs and pay the balance when you pay your taxes. When you buy something from a licensed vendor, you pay taxes on it, and when you sell it, you collect the tax as well. With input credit, you can offset the taxes charged at the time of purchase with the amount of sales tax (output tax) and pay the remaining tax obligation, i.e. sales tax minus purchase tax.
What is ARN under GST in India?
ARN is named as the Application Reference Number. After the successful submission of the application for GST Registration, the ARN number is produced. The ARN number is made after uploading the required documents.
Is it necessary to register for GST?
GST registration is required for all businesses. The Indian government imposed a registration requirement for businesses in the country. Businesses that previously relied on an indirect taxation system must now register for GST.
What type of revenue should be considered when determining the GST registration online threshold limit?
When calculating turnover, aggregate turnover should be taken into account. Aggregate turnover refers to the total amount of all taxable supplies made in India, except inward supplies subject to reverse charge but including exempt supplies, exports of goods or services or both, and inter-state supplies made by people with the same PAN. It should be noted that when measuring aggregate turnover, CGST, SGST, UTGST, IGST, and cess should be omitted.
Can GST be applied to all B2B and other network transactions?
When a company decides to go through the GST registration process, this type of corporation would be expected to do so. E-commerce businesses are required to follow the processes and procedures for GST registration. As a result, B2B companies will be expected to meet the above criteria as well.
Would the GST regime apply to exports?
Yes, a fixed amount of IGST will be taxed on exports. Exports will be subject to a specific amount of zero tax rates.
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